Thursday, 14 July 2022 02:58

US$2.2 million a day is being saved by fuel price subsidy

Written by Evelyn Alas

The minister of Finance, Alejandro Zelaya, said in a press conference that, in the case of fuels, the salvadoran economy is saving around US$2.2 million per day, due to the subsidies implemented by the Central Government.

He also said that during these 4 months of implementation of the 11 economic measures to alleviate inflation, they have invested US$246 million in fuels, about US$80 million more than the amount invested for the Fondo de Estabilización del Gas Licuado del Petróleo (FEFE).

The country has also lost US$12 million in import duties. These actions protect the pockets of salvadoran families and help maintain the pace of economic growth.

The official emphasized that all the measures remain in force until august 31, and that inspections will be increased to ensure that the prices of the basic food basket, public transportation fares and fixed fuel fares are respected.

Zelaya added that the measures could be extended or go until august 31 depending on the overall situation. All the money used to help salvadoran households comes from tax revenues that reach the Ministry of Finance.

The official said that these coming months are vital for the economy to stay afloat and they will continue implementing the necessary measures.